Over 60 Life Insurance
Life insurance is something that will cost people the least when they purchase it in their youngest ages. It is very easy to qualify for at that time because most people are in their healthiest states. When people are older, they find that they have difficulties qualifying for life insurance coverage, or they are charged such high rates it is just too expensive. If people are over age 60, it’s not too late for them to purchase life insurance products that have been designed just to fit their needs.
Senior citizens, most likely, will not have the option of purchasing term life insurance. Most companies have an age limit for these products, and people over 60 are just about to reach that limit for these types of products. For example, most companies will only sell a 10 year term life insurance policy to someone 65 and under. Policies of a longer duration with these companies are certainly out of the question.
Guaranteed Issue Life Insurance
The perfect product for any senior citizen just might be the guaranteed issue life insurance policy. Most people 60 and over do have a few health concerns, and this can complicate matters when they apply for life insurance. These higher risk health conditions, such as diabetes, heart disease, obesity The guaranteed issue life insurance policy takes for granted that people over 60 have these issues and makes it possible for them to qualify for these policies.
The death benefits are dealt with differently than for other insurance policies. Upon the policy holders’ passing, their beneficiaries will receive their benefits on a graduated basis. For example, if the policy has been in effect for two years, the beneficiaries will receive a percentage of the death benefits they are entitled to receive. If the policy holder lives past two years, the beneficiaries can receive the full benefits. Though many seniors do not carry a lot of debt, having an insurance policy in place is important to them for the purpose of paying the estate tax. If you are leaving a legacy to your heirs that does not have much in liquid assets a life insurance policy for estate tax is a great way to insure your beneficiaries have the necessary liquidity to pay the tax bill.
Insurance companies made qualifying for guaranteed issue policies easier for seniors by not requiring that they take a medical examination or answer any health-related questions. Typically, people between the ages of 50 and 85 should be able to find a company that has this type of policy for them. The company does not perform any underwriting for guaranteed issue life insurance policies, so the entire application process will be much shorter than applying for a regular policy.
It is good to speak with you life insurance agent prior to making a decision. As there may be some benefits at age 60. For instance, if you were to become to diagnosed with type 2 diabetes after age 6 you are considered a less risk than someone who is diagnosed at age 30.
Final Expense Life Insurance
Final Expense insurance is a life insurance policy that will take care of the cost of burial. It also goes by the name of burial insurance, and it offers seniors a chance to plan how their final services will go. These life insurance policies are not meant to meet the goals of typical life insurance policies, such as paying the mortgage on a house or ensuring that dependents are taken care of for a determined period of time. For this reason, final expense life insurance offers lower amounts as death benefits. Typically, seniors will be able to purchase a policy in the amount of at least $5,000 and up to $50,000.
Since the point of final expense life insurance is to pay for the deceased’s final expenses, the beneficiary will be required to use the death benefits for that purpose. The policy holders already would have informed their beneficiaries of their wishes, and they will be able to perform these duties accordingly.
If final expense life insurance seems to be a good option, seniors will find that they will not have too many difficulties qualifying for this policy either. They will not need to take a physical examination. All they will need to do is fill out the insurance company’s simple application form, and they will be considered for a policy.
No Medical Examination Life Insurance
Seniors can also apply for the no medical examination life insurance policies that have been created just for people over age 60. With the need to take a physical examination no longer in effect, seniors can receive approval for their policies in a matter of days. Sometimes, they can even receive an answer in the same day. These policies do not require that the beneficiaries wait two years after the policy has been in effect before paying the benefits, so they are riskier policies for the insurance companies. This may require that people over 60 pay a higher premium for these types of policies, but they are easier for them to qualify for.
Take the Step to Finding Affordable Life Insurance Over 60
Finding life insurance policies for seniors can be a challenge because of the health problems many people have during these years making them more high risk. Insurance companies that have policies for seniors are willing to make offers to these people. They are welcome to use the comparison tool on this website that will offer them several quotes for these life insurance products. They will only need to fill out the simple form to receive their quotes that may be surprisingly low. Nothing could be easier.
Mozdex Insurance Advisors have helped thousands of families secure their futures with proper insurance planning since 1997.